After trading sideways for the previous few weeks, Federal Bank shares today overcame their upper limit and surged to a new all-time high of 142.20 per share on NSE in the early morning trades. Within an hour of today’s stock market opening bell, the share price of Federal Bank rose to a new all-time high from its opening price of 136.75 from yesterday.
Stock market experts predict that the banking stock will continue to rise and that it may soon reach 155 to 158 levels in the near future. They argued that the stock should be held for the medium- and long-term targets of 165 and 190, respectively, and that it is a portfolio stock. After generating a higher top higher bottom formation, the stock, according to them, has delivered a new breakout at 140.
Vice President of Research at IIFL Securities, Anuj Gupta, commented on the forecast for the price of Federal Bank’s shares “On the charts, the share price of Federal Bank has delivered a saucer pattern breakout at 140, indicating a continued uptrend in the next sessions. On the daily chart pattern, the stock has experienced large volume and higher top higher bottom formation. Therefore, it is recommended to continue holding the stock for a short-term aim of levels between 155 and 158 for those who have it in their portfolio. Those with a long-term perspective can stay onto this banking stock until it reaches the long-term target price of $190 per share.” He did, however, suggest that Federal Bank owners update their trailing stop loss at levels of $118 per share.
Manoj Dalmia, the founder and director of Proficient Equities, commented on those looking to purchase Federal Bank shares right away: “High-risk investors can purchase Federal Bank shares at the current price while setting a strict stop loss at 130 and continuing to build positions until they sustain above 135 per share levels. As one of the portfolio stocks that one can consider include in one’s stock portfolio, one can hold the stock for a long-term target of between 185 and 190 per share.”
Shares held by Rakesh Jhunjhunwala in Federal Bank
Rakesh Jhunjhunwala holds 5,47,21,060 Federal Bank shares, which amounts to 2.63 percent of the company’s total paid-up capital, according to the Federal Bank shareholding pattern for the quarter from July to September 2022.